The RLF can provide short-term financing for up to 45% of project costs, and may assume a second or third collateral position in order to leverage other lender involvement. The minimum loan amount is $50,000. Based on the financial needs of the applicant, the use of the borrowed funds, and the borrower’s credit history, typical terms will be for a term of 5-7 years and interest rates will be based on the consumer prime rate (currently 4.0%).

Any business that meets the following criteria:

• Is a private and for-profit Organization.
• Is located in, considering locating in, or expanding in rural Weld or Larimer County, Colorado, except within the cities of Greeley, Fort Collins, or Loveland. (These cities are “entitlement” cities that receive their own HUD block grants for economic development.)
• Is considered to be a “primary” industry (i.e. manufacturing, R&D, processing, distribution etc.) These businesses will be given priority. However, retail or service businesses are eligible.
• Can demonstrate that the project being funded is creating new jobs, retaining jobs, or that the principal beneficiaries of any jobs created/retained are low to moderate-income persons. For each $20,000 in RLF funds loaned to a business, one new job must be created or retained.

Loan/Guarantee terms are as follows:

• Short-term financing or loan guarantee for up to 45% of total project costs. The remaining project costs are to be funded through banks, private investors, or other loan programs (SBA guaranteed loans, etc.).
• The minimum loan amount is $50,000
• The maximum loan amount is $500,000
• The maximum loan term is 7 years. May consider loans with up to a 15-year amortization schedule with a balloon payment at end of 7 years.
• Interest rates will be negotiable based on the national prime rate.
• Loan collateral will be considered on a case-by-case basis. The RLF may assume a 2nd or 3rd position in order to leverage other lender involvement
• Personal guarantees or co-signatures from the borrowers are required.
• At least 10% of the project cost or market value must be invested by the borrower.
• Origination/closing fee equal to 2% of the loan amount or guarantee.
• A non-refundable $100 loan application fee is required. An invoice will be provided upon completion of the application form found below.

Please review the entire RLF application to understand and obtain the required information before completing the form.

At the end of the application, you will be asked to upload several documents. Please ensure you have the following readily available before completing the form:

• Current (not over 60 days old) Balance Sheet
• Current (not over 60 days old) Profit and Loss Statement
• Previous 3 years’ fiscal year-end Balance Sheets
• Previous 3 years’ fiscal year-end Profit and Loss Statements
• Previous 3 years’ Federal income tax returns
• Business Plan stating the history of the business, nature of expansion, and marketing plans
• Cash flow projections by month for 1st year; then by quarter for 2nd and 3rd years
• Personal financial statements for all owners of the business with prior 3 year’s tax returns
• Resume or biographical sketch including previous business experience and management capabilities of each owner and supervisors
• If Corporation, copy of Articles of Incorporation and current Certificate of Good Standing from the State of Colorado
• If Partnership or LLC, copy of Partnership or LLC Agreement
• Copy of letter of commitment from other financing sources, including rate and terms of financing

Upon completing the online application and uploading all documents, an invoice for $100 application fee will be sent to your designated contact.

If a paper application is preferred, please contact Upstate Colorado.